【精品】PPT课件 Co-ordination of IFRS in EU(CESR-Fin) and in the UK.ppt

Co-ordination of IFRS in EU(CESR-Fin) and in the UK
REPARIS Workshops on Accounting and Audit Regulation, Vienna, Thursday March 15, 2006
Carol Page
Secretary, Director, Panel Operations
The Financial Reporting Review Panel (FRRP)
Part of the Financial Reporting Council (FRC)
anisational diagram
FRC established in 1990, to improve the quality of financial reporting in the UK
FRRP established in 1991 to enforce accounting standards
Accounting Investigation
and
Discipline Board
FRC
Council
Financial Reporting Review Panel
Professional Oversight Board for Accountancy
Auditing Practices Board
Accounting Standards Board
FRRP
Consensual approach to enforcement
Peer review by financial munity
Single power to go to court to revise defective accounts – never utilised
Established as a reactive agency
anisation – funded by: government, accounting profession, municate directly pany Chairman
Panel members –volunteers from across the munity- lawyers, auditors, finance directors
Strong deterrent effect
12 years of operation: over 70 actions resulting in voluntary correction of accounts
Role of FRRP reconsidered
Post Enron
In light of IFRS Regulation 1606/2002
Recital 16
“mission intends to liaise with Member States, notably through mittee of European Securities Regulators (CESR) to develop mon approach to enforcement”
Development of FRRP
Memorandum of Understanding with Financial Services Authority (FSA) UK Securities Regulator
Technical adviser to FSA on CESR mittee on enforcement (CESRfin SCE)
ed as active participant in CESRfin SCE
Able to contribute directly to development of CESR Standards of Financial Information and other guidance
Two principles based standards
Changes to operations to meet requirements of Standard 1
Increased powers
Active selection
Extended remit
Standard No 2 ‘Co-ordination of Enforcement Activities
Enforcement remains national responsibility but need for “road map” that sets mon approach to enforcement across EU
Need to:
Demonst